Priority Technology (NASDAQ:PRTH) Shares Down 5.5% – Here’s Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares dropped 5.5% during trading on Thursday . The company traded as low as $9.27 and last traded at $9.32. Approximately 48,472 shares were traded during trading, a decline of 36% from the average daily volume of 75,321 shares. The stock had previously closed at $9.86.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PRTH shares. Lake Street Capital upped their price target on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 22nd. B. Riley upped their price objective on Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a research report on Friday, November 22nd.

Priority Technology Trading Down 0.8 %

The business has a 50-day moving average of $7.53 and a 200 day moving average of $6.11. The firm has a market capitalization of $698.64 million, a PE ratio of -21.55 and a beta of 1.20.

Insider Activity

In other news, insider Sean Kiewiet sold 11,664 shares of Priority Technology stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $6.61, for a total value of $77,099.04. Following the completion of the transaction, the insider now owns 1,073,494 shares in the company, valued at $7,095,795.34. This trade represents a 1.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 76,666 shares of company stock valued at $655,166 in the last 90 days. Insiders own 76.30% of the company’s stock.

Institutional Investors Weigh In On Priority Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rebalance LLC bought a new stake in shares of Priority Technology during the third quarter valued at about $4,822,000. Vanguard Group Inc. raised its position in shares of Priority Technology by 25.7% in the first quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock worth $2,494,000 after buying an additional 156,044 shares in the last quarter. Pekin Hardy Strauss Inc. bought a new stake in Priority Technology during the second quarter valued at $301,000. Renaissance Technologies LLC purchased a new position in Priority Technology during the second quarter worth about $202,000. Finally, Geode Capital Management LLC boosted its position in shares of Priority Technology by 5.8% during the 3rd quarter. Geode Capital Management LLC now owns 396,335 shares of the company’s stock valued at $2,707,000 after acquiring an additional 21,598 shares during the last quarter. Institutional investors own 11.52% of the company’s stock.

About Priority Technology

Priority Technology Holdings, Inc operates as a payment technology company in the United States. The company operates through three segments: Small and Medium-Sized Businesses (SMB) Payments, Business-To-Business (B2B) Payments, and Enterprise Payments. It offers SMB payments processing solutions for B2C transactions through independent sales organizations, financial institutions, independent software vendors, and other referral partners through its MX product suite, which includes MX Connect and MX Merchant products, such as MX Insights, MX Storefront, MX Retail, MX Invoice, MX B2B and ACH.com, and others, which provides flexible and customizable set of business applications that helps to manage critical business work functions and revenue performance to resellers and merchant clients using core payment processing.